Compare easy access accounts

Easy access accounts are ideal if you think you may need to dip into your savings. But, as generally rates are low, you may need to get creative to get the most out of your money.

Even consider a current account where you can earn up to 3.00% AER variable on a limited balance, but still have easy access to your cash.

Easy access accounts – Ordered by rate (AER)

These are the best accounts available to open through MoneySuperMarket. We can show you all the accounts on the market, but we can only help you to open some of them.

  1. Great for
    Unlimited payments and withdrawals with no penalties
    7 day service and choice of monthly or annual interest
    Part of Renault’s global banking group
    But be aware that
    RCI Bank is part of a French banking group and the first €100,000 equivalent is protected by the French deposit guarantee scheme, rather than by the UK FSCS scheme which protects the first £85,000
  2. Great for
    UK based bank with FSCS protection
    No withdrawal restrictions
    But be aware that
    Applications and deposits only taken online
    • Provider/Product name eSaver Special

      Sainsbury's Bank

      eSaver Special

    • Interest rate (AER) 1.05% Variable
    • Min/Max opening amount £30,000 to £500,000
    • Notice / Term Notice Period: none
    • Account type Easy Access Account
    • Access Internet Post Telephone In Branch
    • Go to site

    Great for
    Tiered rates depending on your balance.
    £1-£999 0.50% gross/AER variable;
    £1,000-£14,999 0.75% gross/AER variable;
    £15,000-£29,999 0.90% gross/AER variable;
    £30,000-£500,000 1.05% gross/AER variable;
    £500,001+ 0.50% gross/AER variable
    No withdrawal restrictions
    For new and existing customers
    But be aware that
    The rate you get depends on your balance
    You must be aged 18 or over and a UK resident
  3. Great for
    Opening an account online with a low minimum opening balance of just £1
    Managing your savings online 24/7 & making unlimited withdrawals with no charges, penalties or notice periods.
    A choice of annual or monthly interest – Annually paid in March or monthly on the first business day of each month.
    But be aware that
    After 12 months the rate will revert to the underlying rate, currently 0.25% gross/AER
    Online Saver is provided by Bank of Ireland UK
    • Provider/Product name Internet Saver

      Tesco Bank

      Internet Saver

    • Interest rate (AER) 1.01% Variable Includes Fixed bonus of 0.61% for 12 months
    • Min/Max opening amount £1 to £1,000,000
    • Notice / Term Notice Period: none
    • Account type Easy Access Account
    • Access Internet Post Telephone In Branch
    • Go to site

      More details

    Great for
    1.01% Gross/AER variable (includes a fixed bonus of 0.61% for 12 months)
    Opening and managing your account online
    Opening an account with just £1
    But be aware that
    Rate includes a bonus, you may want to move your money at the end of this period
    • Provider/Product name AA Easy Saver Issue 3

      AA

      AA Easy Saver Issue 3

    • Interest rate (AER) 0.97% Variable Includes Fixed bonus of 0.77% for 12 months
    • Min/Max opening amount £100 to £2,000,000
    • Notice / Term Notice Period: none
    • Account type Easy Access Account
    • Access Internet Post Telephone In Branch
    • Go to site

      More details

    Great for
    Free withdrawals with no penalties or notice periods
    Apply and manage your account online 24/7
    But be aware that
    Rate includes a bonus, you may want to move your money at the end of this period
    AA Easy Saver is provided by Bank Of Ireland UK
  4. 2016 SUPERS

    Winner of the Best Savings Account Provider

    Great for
    Simple online application
    Opening and viewing your account online
    But be aware that
    Online access only
  5. Great for
    Simple online access
    But be aware that
    You'll need a UK personal bank or building society account that accepts Faster Payments, CHAPS and BACS to make deposits and receive interest payments and withdrawals
  6. Great for
    Unlimited payments and withdrawals with no penalties, subject to minimum balance of £100 being maintained
    But be aware that
    Post and branch access only
  7. Great for
    Online application and access
    A choice between monthly or annual interest
    UK bank with FSCS protection up to £85,000
  8. Great for
    If no withdrawals are made in a month, a bonus will apply. The bonus is 0.24% for balances of £25,000 - £49,999 and 0.49% for balances of £50,000 - £1,000,000
    Receiving monthly interest paid into your account
    But be aware that
    If one or more withdrawals are made in a month, the bonus condition will not be met and and a rate of 0.01% AER/Gross p.a. (variable) will apply for that month
  9. Great for
    Easy access withdrawals without notice or loss of interest
    Receiving monthly interest paid into your account
  10. Great for
    Easy access withdrawals without notice or loss of interest
    Receiving monthly interest paid into your account

Not sure what account is right for you? Tell us a few details and we can help you decide

 

Easy Access Guide

Easy Access Savings Accounts

If you want a simple and flexible savings account where you know exactly what you’re getting, an easy access non-bonus account could be right up your street.

Savings accounts can be complicated. Between rules on how often you can make withdrawals, rate-inflating bonuses and the like, what looks like a great deal can often turn out to be less appealing.

With easy access non-bonus savings accounts you can rest assured that the rate you see is what you’ll get and that you’ll be able to access your money as and when you need to.

And, since the introduction of the new Personal Savings Allowance (PSA) in April 2016, banks and building societies now pay interest on all savings accounts gross, or before any tax is deducted. The PSA means that basic-rate taxpayers can earn £1,000 of savings interest without the taxman taking a slice, and higher rate taxpayers can earn £500. Additional rate taxpayers are not eligible for a PSA. If the interest you earn exceeds these limits, any tax you owe will usually be collected via the Pay As You Earn (PAYE) system or via your self-assessment tax return.

Sound good? Here’s a look at these kinds of accounts in a little more detail.

What is an easy access non-bonus savings account?

Just as its name implies, an easy access savings account grants you easy access to your money whenever you like, without having to pay any penalties or forfeit any interest.

Some savings accounts place restrictions on withdrawals. Notice accounts, for example, require you to put in a period of notice before you can withdraw cash. Other savings accounts will impose penalties for making withdrawals.

Easy access accounts, on the other hand, let you take out money as you please – though some easy access accounts do limit the number of penalty-free withdrawals you can make each year.

The non-bonus part means that the rate of interest is not inflated by a temporary bonus. For example, an account may be advertised with a headline rate of, say, 1.50%, but include a 12-month bonus of 1.00%. After the bonus period ends, the rate drops to 0.50%.

So, with an easy access non-bonus account you’ll be able to withdraw cash pretty much as you please, and the rate you see is the rate you’ll get, unless it’s a variable rate account which is subject to change.

The importance of saving

It’s always been a good idea to put some money away for emergencies, or just for rainy days. Many households are now being squeezed by the rising costs of living, making it even more important to have something to fall back on.

The benefit of an easy access account is that you’ll be able to dip into your savings at the drop of a hat, without having to give any notice or worry about penalties – after all, you’re not going to get any notice of an upcoming emergency.

The flexibility of these types of accounts comes at a price, though, as easy access accounts tend to have lower rates than other types of savings accounts.

Things to look out for

To say the rate you see is what you’ll get with a non-bonus savings account is slightly misleading, because accounts with variable rates can go up and down. It’s important to keep an eye on your rate as you may want to move your money to a more attractive account.

Again, there may actually be restrictions on how many withdrawals you can make during the term of the account, at least without incurring penalties. Be sure to check the terms and conditions of the account before signing up.

Our savings comparison tool allows you to compare rates across a range of accounts and providers to help you find the best home for your money.

Is your money safe?

Your savings are protected by the government-back Financial Services Compensation Scheme. This covers deposits of up to £85,000 (as of 30 January, 2017). This amount applies per individual per institution, not per account, so watch out if you have two accounts with a single bank that have a combined balance above £85,000, as not all of your money will be protected. If you have a joint account, both accountholders have £85,000 of protection, giving a total of £170,000.

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